USDCHF Rises Upwards Past 0.9700 Level on Optimistic Market Sentiment

USDCHF Price Analysis – February 4

The Forex pair exited the previous session with small gains and continued to rise towards the 0.9700 level on Tuesday, supported by optimistic market sentiment. At the time of writing, the pair is trading at 0.9692 level, adding 0.32% daily.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9766
Support Levels: 0.9659, 0.9613, 0.9541

USDCHF Long term Trend: Bearish

In the larger structure, the long-term trend stays bearish while the currency pair is in the sideways trading started from the 1.0342 (high) level. A drop from 1.0231 level is the driver inside the pattern and may approach 0.9186 (low).

In the event of further progress, a break of 1.0231 level is required to signal a resumption of the bullish trend. Otherwise, more sideways trading may be recorded with the possibility of a further decline.

USDCHF Short term Trend: Ranging

The 4-hour chart shows the bias in USDCHF staying neutral as consolidation extends from 0.9613 level. The upside of the recovery may be contained at the resistance level 0.9766.

While on the downside, a decisive breach of 0.9613 level might continue the entire downtrend from 1.0231 level. The next target is to drop 100% from 1.0231 to 0.9659 from 1.0027 at 0.9445 levels.

Instrument: USDCHF
Order: Buy
Entry price: 0.9695
Stop: 0.9659
Target: 0.9766

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